UniFirst denies speculation on Citas deal talks

EverdeenMason

Workplace uniform company UniFirst Corp.
UNF, -0.24%
denied speculation that it is in talks with rival Cintas Corp.
CTAS, +0.28%
about a possible sale.

Media reports last week suggested both companies had dropped out of Baird's Business Solutions conference, leading to the speculation about a possible deal.

UniFirst called the reports "unsubstantiated," saying it isn't and hasn't been in any discussions with Cintas or any other party concerning an acquisition.

Representatives from Cintas and Baird weren't immediately available for comment.

Unifirst shares climbed 7.4% on the speculation Friday, while Cintas increased 4%. Both stocks gave up those gains after UniFirst denied the reports.

Cintas has a market capitalization of $7.39 billion, while UniFirst has a cap of $1.76 billion, according to FactSet.

UniFirst, which also provides protective clothing such as laboratory coats and supplies facility-services products such as floor mats, has reported improved sales for three years, as the growth of its laundry business has helped offset weakness in its specialty-garments unit.

Meanwhile, Cintas, which provides uniforms and restroom supplies, has recorded continued earnings growth in recent quarters on strength in its uniform-rentals business.

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